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We know that a vacancy costs more money than the cost of good marketing. In our mind, good marketing is opening the market to Realtors and paying them a fee for procurring a future resident.
In fact, we know the entire real estate community can provide greater leverage in finding a resident for your property. Realtors will have access to the MLS and our properties for rent. Realtors are compensated fairly to show the property and present a future tenant. They are only paid when the lease has been signed and the money collected.
Category : Blog &Leasing &Property Management
Showing Your Property
If the property is in show ready condition, we may show the property or another Realtor may show. The majority of our marketing is geared towards procurring potential residents ourselves but we certainly do not limit ‘the market’ by excluding the services of the real estate community. Unless our property owners tell us otherwise, our rental listings will be on the MLS.
Category : Blog &Leasing &Marketing &Property Management
Property Management and the LawA critical element of successful property management is compliance with laws and regulations set forth by your individual state as well as federal oversight. However, even having the most knowledgeable and experience property manager at your disposal, or being an experienced real estate investor yourself, doesn’t make you immune to problems. In certain situations, you may benefit from a lawyer’s assistance, whether it is for representation in a lawsuit or simple advice. Usually these situations have to do with general property management and the law. Property Management and EvictionYou should be realistic that property management of your rental property could potentially involve evictions. No one likes to evict a tenant, but it might become unavoidable if the tenant’s inability to make timely payments or destruction of your property becomes a risk to your cash flow and investment. The eviction process is very detailed and can become very complicated, especially if issues such as bankruptcy are involved. Because most judges will favor the tenant, it is extremely important to educate yourself on the process, follow the specific steps, and keep detailed documentation. Although many landlords successful evict tenants without a lawyer’s assistance, but it is always better to at least talk with a lawyer in advance. Property Management and DiscriminationEven if you diligently comply with fair housing laws you could still be accused of illegal discrimination from a tenant who has been evicted or been turned down for renting. However, being accused and being sued are very different things, and you will probably want to consult a lawyer if it is the latter. Going to court can be extremely expensive, in addition to violation fees if you are found guilty. In addition, such charges could damage your professional reputation, or that of your investment firm. It is important to educate yourself on the statutes of illegal discrimination so that you do not unknowingly put yourself at risk. Property Management and Welfare of your TenantEffective property management includes the maintenance of the property which is being rented, and it is your responsibility to keep the property up to date with all repairs. If one of your tenants claims he/she was injured because of your property, it will be an extremely sensitive and delicate issue. Especially if you do not believe you are at fault for your tenant’s injury, it is best to bring in a lawyer that is not personally invested in the case. Property Management and DamageSimilarly to the personal injury scenario mentioned above, it is also possible to be sued for property damage. Tenants can claim ineffective property management of the rental property which resulted in unrepaired utilities that in turn damaged a personal item. An example of this could be a leak in the plumbing which caused massive flooding throughout the apartment. Part of basic property management does include acquiring liability insurance, which would probably be at your disposal. Depending on how large of compensation your tenant is seeking, you may choose to just consult with a lawyer and handle the situation yourself. As you can see, there are always going to be situations that require some knowledge of the law, and how it pertains to property management. It’s a good idea to learn what is the right of yourself as a landlord, in addition to the rights of your tenants. |
Category : Blog &Fair Housing &Property Management
| If you have purchased an investment property and are planning to rent it for commercial or residential purposes, you might want to consider a property manager. If you’re a first time investor, you may not realize how time consuming effectively managing that property can be- you may become overwhelmed in no time at all. Even if you’re a veteran investor, you may think you have enough experience to forgo the expense and manage things on your own, only to find out you’re completely in over your head. Both of these scenarios are fairly common, and a property manager can help you with operations of your property.
Property Requires Commitment Think about the long-term commitment required of your property- management doesn’t stop with collecting rent. In fact, that alone can prove a headache you do not have the patience to deal with. A property manager can help you deal with the routine management and maintenance issues that will surface quite frequently, especially depending on the size and number of your investment property(s). Other aspects of the job that a property manager can help you with are the back end of operations- bookkeeping, documentation, filing, forms, and portfolio management. The Value of Your Time If it’s true that time is money, a property manager can be invaluable. Most likely, you know better than anyone just how true this statement is. The majority of investors has more than one investment opportunities going at the same time, or are employing at a 9-5 job during the day. How in the world will you be able to be in two places at once? If this is the case, having a dedicated property manager that will free up your time to pursue your money making opportunities is not only a benefit, but a necessity! Location of Your Property You should also consider the geographic location of your investment property compared to where you spend most of your time- a property manager may be more accessible than your schedule or location allows. Even if you live in the same city, your property may be on the complete opposite side of town than your office or home, requiring a minimum of a 1-2 hour commute round trip. On the other hand, you may have invested in a property in another city or state. In both of these situations, it’s practically impossible to effectively manage the property(s) in a long-distance capacity. A property manager can be available to the tenant(s) 24/7, and will have quicker access to resources for emergency maintenance situations. |
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Category : Blog &Property Management
Q. What criteria is used to qualify for one of your for rent properties ?
A. On the management side, we have the same basic criteria for all applicants. When we assist in leasing a property, each homeowner may have a somewhat different standard for tenant selection. Generally, the following factors apply:
Satisfactory credit history
Monthly income about 2.5 times the monthly rental amount
No outstanding judgments
Past rental evictions may be considered. A larger security deposit may be required.
Established history of credit since a past bankruptcy
Employment verification
Criminal record check
Present and former landlord references
Q. How much does it cost to use our services?
A. There is no charge for our leasing staff to help you to find a home. If you decide to submit an application to rent one of our properties, there is a $35.00 (per applicant) charge for the credit and application background check.
Q. How much does it cost to move into a rental home?
A. First month’s rent, plus a security deposit equal to one month’s rent, and, if applicable, a pet deposit.
Q. The web page says “no pets.” How can I find out if an owner will reconsider their stated preference?
A. At the time of submitting an application for tenancy, you may request any exception that you want the owner to consider. Sometimes, but not always, an owner may reconsider their requirements after reviewing your pet’s verifiable history, or a large pet deposit, to cover possible damages. Pet restrictions do not apply to assistive living animals.
Q. What other pet policies are there?
A. No property owners will approve an occupancy for the following breeds of dogs:
Rotweillers
Pitbulls
Dobermans
Chows
German Shepherds
If you pet’s breed is not listed above, you will still be required to sign a statement attesting to the fact that your pet has no history nor any known incident of showing a threatening posture towards people.
Q. The home is available for rent now but we will not be able to rent for three months. Will the owner hold the home until we need it if we pay a deposit?
A. No, not with just a deposit. Owners may be willing to hold a home for about 7 to 10 days after the posted availability date, and then they require that rent payments start.
Q. We will not be moving for a few months, so how can I learn what homes will be available in the future?
A. Tenants are required to give a 30-day notice of their intentions to move, so we seldom know beyond 30 days which specific homes are going to be available for rent. Our for rent properties are updated on our website daily, so you may want to bookmark our site and visit often as the time gets closer for you to select a rental home. You may also want to sign up for the new rental listings sign in.
Q. There are some homes that I want to see, how do I arrange to see them?
A. Many homes are occupied and appointments will be needed to see the inside of the property. You may drive by the property however, the current occupant is advised not to allow any prospective tenant access to their home without an appointment being made by our leasing staff. Our leasing staff is available 6 days a week to accommodate you.
Q- Can I pay my rent through auto debit?
A- We encourage all of our residents to pay their rent using our electronic funds transfer (EFT) service.
Q- Can I pay my rent with a credit card?
A- Yes. Please go to our rent payment center (hyperlink). Please note a transaction charge will apply for the fees incurred.
Q- What is the process for securing a property for lease?
A- We have a basic three (3) step process for securing a property for lease.
Our Three (3) Step Process (securing a property for lease)
1) Complete online rental application(s)
2) Pay rental processing fee(s)
3) If approved, we will forward the lease immediately and you will have two (2) business days to deliver the signed lease and required security deposit. Until security deposit is received, the property may continue to be shown to other prospective tenants and is not considered ‘rented’.
Q- What is your security deposit policy?
A- Good question! Glad you asked. Our security deposit policy is very simple, if you want to rent one of our managed properties, we require that you complete our three (3) step process above and acknowledge that your security deposit shall not be refunded if your cancellation causes a hardship or damages as a result of your cancellation. A hardship or damages may be but is not limited to the following: 1) expediting a current tenants move out to accomodate your occupancy, 2) loss of rent and 3) removing the property from the ‘rental market’. Our official security deposit policy (prior to move in) is the following:
Security Deposit Policy (securing a property for lease)
When security deposit is received, it is deposited immediately and held in a separate trust account. If prospective tenant does not formally assume possession of the property on the agreed upon lease start date, pay first months rent (or pro-rated rent) the prospective tenant shall forfeit the security deposit. The security deposit is forfeited by the prospective tenant as a result of lost rent and damages for not complying with the signed lease agreement.
All properties are offered subject to the Federal Fair Housing Act which makes it illegal to advertise any preference, limitation, or discrimination based on race, color, religion, sex, country of national origin, handicap, or familial status.
Category : Blog &Property Management
This is only for Legacy Partners Realty, LLC for rent properties.
All adult occupants over the age of 18 need to complete an application. The exception to this is an adult child currently attending school and/or an adult child not having any financial responsibility to pay the monthly rent.
Category : Blog
